Wednesday, August 29, 2012

RTRS- US farmers to trim corn plantings next year - Farm Futures

CHICAGO, Aug 28 (Reuters) - U.S. farmers plan to cut their corn plantings in 2013 to 93.06 million acres and boost their soybean seedings, according to a survey by Farm Futures Magazine.

The survey of around 1,800 farmers pegged next year's soybean plantings at 78.05 million acres.

"Ironically, this shift from corn to soybeans mirrors a similar shift taking place in South America as well, casting doubts on the world’s ability to rebuild tight global feed grain stocks without a significant shift in global weather patterns to boost yields in 2013,” Farm Futures market analyst Arlan Suderman said in a statement.

U.S. wheat acreage was forecast at 57.05 million, largely due to expectations for increased seedings of soft red winter wheat in the eastern Midwest and South.

"These results tell us that growers would like to get their rotations back in balance after pushing corn in recent years," said Bryce Knorr, senior editor at Farm Futures.

Expenses for next year's crop do not look like they will increase much, Knorr added.

U.S. farmers planted 96.4 million acres of corn in 2012, according to the U.S. Agriculture Department. Expectations of a huge crop followed an early planting, which allowed growers to seed the biggest corn acreage since 1937, but a drought ravaged the crop throughout the summer and cut back harvest expectations.

USDA reported soybean plantings at 76.1 million acres and wheat plantings at 56 million acres this year.